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Finward Bancorp operates as the holding company for Peoples Bank that provides various banking products and services. The company's deposit products include non-interest- and interest-bearing demand accounts, savings accounts, money market deposit accounts, certificate accounts, and retirement savings plans. Its loan portfolio comprises residential mortgage loans that enable borrowers to purchase existing homes, refinance existing homes, or construct new homes; construction loans primarily to individuals and contractors; commercial real estate and multifamily loans; consumer loans to individuals for personal, household, or family purposes; home equity line of credit; home improvement and equity loans; commercial business loans; government loans; and loans to municipalities. The company also offers estate and retirement planning, guardianships, land trusts, profit sharing and 401(k) retirement plans, IRA and Keogh accounts, and investment agency accounts, as well as acts as personal representative of estates, and trustee for revocable and irrevocable trusts. In addition, it provides insurance and annuity investments to wealth management customers; holds security investments and real estate properties; and operates as a real estate investment trust. The company was formerly known as NorthWest Indiana Bancorp and changed its name to Finward Bancorp in March 1994. Finward Bancorp was founded in 1916 and is headquartered in Munster, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $66M | - | $8M | $9M | 4.6% | -7.1% | -33.3% |
| 2024 | $71M | - | $12M | $7M | 8.0% | 8.9% | 44.7% |
| 2023 | $65M | - | $8M | $23M | 5.7% | -17.0% | -44.4% |
| 2022 | $79M | - | $15M | $15M | 11.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 78.66 | 65.30 | 71.09 | 66.04 |
| Operating Revenue | - | 78.66 | 65.30 | 71.09 | 66.04 |
| Selling General And Administration | - | 32.12 | 30.50 | 30.33 | 32.10 |
| Interest Income | - | 72.04 | 85.78 | 89.18 | 91.76 |
| Interest Expense | - | 4.89 | 31.23 | 40.73 | 35.02 |
| Net Interest Income | - | 67.15 | 54.56 | 48.45 | 56.74 |
| Pretax Income | - | 16.56 | 8.04 | 13.46 | 8.11 |
| Tax Provision | - | 1.48 | -0.34 | 1.32 | 0.02 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.14 | 0.06 | 1.14 | 0 |
| Net Income Continuous Operations | - | 15.08 | 8.38 | 12.13 | 8.09 |
| Net Income From Continuing And Discontinued Operation | - | 15.08 | 8.38 | 12.13 | 8.09 |
| Net Income From Continuing Operation Net Minority Interest | - | 15.08 | 8.38 | 12.13 | 8.09 |
| Net Income | - | 15.08 | 8.38 | 12.13 | 8.09 |
| Net Income Common Stockholders | - | 15.08 | 8.38 | 12.13 | 8.09 |
| Net Income Including Noncontrolling Interests | - | 15.08 | 8.38 | 12.13 | 8.09 |
| Normalized Income | - | 16.46 | 8.17 | 1.61 | 8.14 |
| Diluted NI Availto Com Stockholders | - | 15.08 | 8.38 | 12.13 | 8.09 |
| Basic Average Shares | - | 4.18 | 4.28 | 4.26 | 4.27 |
| Diluted Average Shares | - | 4.19 | 4.28 | 4.27 | 4.29 |
| Reconciled Depreciation | - | 5.97 | 7.16 | 7.29 | 6.19 |
| Total Unusual Items | - | -1.52 | 0.26 | 11.66 | -0.06 |
| Total Unusual Items Excluding Goodwill | - | -1.52 | 0.26 | 11.66 | -0.06 |
| Special Income Charges | 0 | -1.54 | 0.28 | - | - |
| Other Special Charges | - | 0.30 | -0.28 | - | - |
| Write Off | 0 | 1.23 | 0 | - | - |
| Gain On Sale Of Security | - | 0.66 | -0.05 | 0.70 | -1.49 |
| General And Administrative Expense | - | 30.22 | 29.66 | 29.53 | 31.31 |
| Other Gand A | 3.65 | - | - | - | - |
| Salaries And Wages | - | 28.99 | 27.66 | 27.74 | 29.59 |
| Insurance And Claims | - | 1.23 | 2 | 1.79 | 1.72 |
| Selling And Marketing Expense | - | 1.91 | 0.84 | 0.80 | 0.79 |
| Occupancy And Equipment | - | 6.78 | 6.38 | 8.25 | 8.16 |
| Professional Expense And Contract Services Expense | - | 1.21 | 4.28 | 5.40 | 4.23 |
| Other Non Interest Expense | - | 20.44 | 14.07 | 14.16 | 13.65 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Finward Bancorpthis co. | FNWD | $142M | 17.50 | 0.81 | 4.6% | - |
| MainStreet Bancshares, Inc. | MNSB | $166M | 12.33 | 0.76 | 6.2% | - |
| Westwood Holdings Group, Inc. | WHG | $161M | 22.75 | 1.28 | 5.6% | 15.34 |
| ECB Bancorp, Inc. | ECBK | $158M | 20.35 | 0.92 | 4.5% | - |
| Richmond Mutual Bancorporation, Inc. | RMBI | $142M | 12.27 |
| - |
| - |
| - |
| - |
| 0.97 |
| 7.9% |
| - |
| SB Financial Group, Inc. | SBFG | $139M | 9.92 | 0.98 | 9.9% | - |
| SR Bancorp, Inc. | SRBK | $138M | 26.82 | 0.71 | 2.7% | - |
| Patriot National Bancorp, Inc. | PNBK | $125M | -9.81 | 1.32 | -13.4% | - |
| Riverview Bancorp, Inc. | RVSB | $115M | 23.53 | 0.72 | 3.1% | - |
| Peer Median | - | 16.34 | 0.95 | 5.1% | 15.34 | |